Loading Content...
Zip Code 44432: Rising Home Values and Stable Ownership in Lisbon, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 44432, located in Lisbon, Ohio, presents an intriguing case study of housing market dynamics in a small Midwestern community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting both local economic conditions and broader national trends.
The homeownership rate in zip code 44432 has remained relatively stable, with a slight overall decline from 76% in 2013 to 73% in 2022. During this same period, average home prices have shown a steady upward trend. In 2013, the average home price was $83,711, which increased to $145,334 by 2022, representing a substantial 73.6% growth over nine years. This rise in home values, however, did not correspond with an increase in homeownership, suggesting that other factors were influencing housing decisions in the area.
Federal interest rates play a significant role in homeownership trends. From 2013 to 2016, interest rates remained very low, hovering around 0.1% to 0.4%. During this period, homeownership in zip code 44432 remained relatively stable, between 73% and 76%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership, dropping to 73% by 2022. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in zip code 44432 has seen a modest increase, from 23% in 2013 to 27% in 2022. Concurrently, average rent prices have fluctuated but shown an overall upward trend. In 2013, the average rent was $682, which increased to $733 by 2022, a 7.5% rise. It's worth noting that rent prices peaked at $873 in 2021 before declining in 2022. These changes in rent prices and renter percentages occurred against a backdrop of declining population, from 14,011 in 2013 to 12,640 in 2022, which may have influenced the rental market dynamics.
Looking at more recent data, the average home price in zip code 44432 continued its upward trajectory, reaching $149,818 in 2023 and $153,866 in 2024. This represents a 3.1% and 2.7% year-over-year increase respectively. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44432 will continue to rise, potentially reaching around $175,000 by 2029. This projection is based on the consistent growth observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of about $850 per month by 2029, assuming the trends of the past few years continue.
In summary, zip code 44432 has experienced a notable increase in average home prices over the past decade, despite a slight decline in homeownership rates. The rental market has seen more modest growth in prices, with a small increase in the percentage of renters. These trends, coupled with population decline and fluctuating interest rates, paint a picture of a housing market in transition, likely influenced by both local economic factors and broader national housing trends.
